Westchester residents, and those who wish to be so, have seen the housing market fluctuate over the past year. Whether that be because of the pandemic’s lasting impact, the desire to migrate north out of New York City, or just the sheer beauty of Westchester that pulls potential residents in, demand was high.
While no doubt, many homeowners came out on the other side with a new place to call home, others weren’t as lucky and are still browsing Zillow to find their perfect match. Houlihan Lawrence’s data showed that throughout 2022 inventory continued to decline as it did in years past. Buyers’ continued interest in Westchester properties resulted in homes having a short lifespan on the market and home median prices steadily increased throughout the county.
Overall, the data taken throughout the seven Westchester submarkets the agency surveyed showed a decline in sales for the year while all reported increases in median sales price. In Northern Westchester, properties that were listed for $4 million saw an increase in inventory but that price range was in low demand.
To break down some numbers, there were 6,123 single family homes sold in Westchester County last year, 1,249 being in Quarter 4. The median sale price for the homes was $815,000.
Houlihan Lawrence analyzed past trends to give a prediction of what 2023 holds for the housing market. “These few market shifts may be the first indicators of a market starting to normalize. As we enter 2023, conditions remain ideal for sellers who properly price their homes, as discouraged yet price-savvy buyers continue to wait for new inventory,” says Liz Nunan, President and CEO of Houlihan Lawrence.